Target creature and target non-land perm are a pretty massive gap. Being able to bounce Null Rod, Stony Silence, Tangle Wire even Oath is a colossal difference. The ceiling of bouncing a tinker-bot remains the same, but you don't get a scry with Perilous.

Scry 2 is exponentially stronger than scry 1. It's not just a singleton better, but a multiple of it.

This returns any card you don't control. That's infinitely better than returning only a creature.

The closest comparion is repeal. Repeal sees play. I see this as a consideration depending on the environment. This card will see vintage play and it will be a perfectly serviceable card (unlike squire).

@fsecco since 2004, Echoing Truth was in and out of many decks: control
Slaver, some gifts boards, etc. the bouncing multiples was sometimes important, but it was just an upside to the best all-around bounce spell available at the time.